Embedded payments platform Modulr has raised $108m in a Series C funding round headed by investor General Atlantic.
The round also included participation from existing investors such as PayPal Ventures, Blenheim Chalcot, Frog Capital and Highland Europe.
Modulr claims it is a pioneer in the provision of embedded payments across a wide range of vertical markets. Its technology allows companies to build payments directly into their own platforms without needing to build complicated payment systems, become regulated themselves or manage the complexities of payment network membership.
The company claims it intends to use the funding to accelerate its geographic footprint and extend its client and partner coverage in existing and new market verticals in the UK and Europe.
Modulr CEO and founder Myles Stephenson said, “Our ambition is to cement Modulr’s position as a leader in embedding financial technology into businesses across the UK and Europe. Our modern FinOps hub enables large enterprises, FinTechs and digital businesses to build, scale, and control money flows.
“We believe the opportunity is vast and continues to grow with the rise of digital payments. This latest funding round will help support Modulr to become a pan-European payments champion. Our regulatory and licensing permissions, tech stack, and modern and dynamic service offering make it possible for our customers to automate and monetise payments.”
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